(Bloomberg) -- Peloton Interactive Inc. said Chief Executive Officer Barry McCarthy is stepping down as the company undergoes a major restructuring that will...
-- Peloton Interactive Inc. said Chief Executive Officer Barry McCarthy is stepping down as the company undergoes a major restructuring that will reduce its global workforce by 15% in an effort to slash costs.The board will conduct a search to name a replacement, the fitness company said in a statement Thursday. Board Chair Karen Boone and director Chris Bruzzo will serve as interim co-CEOs.McCarthy — a veteran of Spotify Technology SA and Netflix Inc.
The New York-based company was a highflier during the early days of the pandemic, when lockdowns sent consumers scrambling for its stationary bikes and fitness classes. But as people returned to gyms and left the bikes to gather dust, paying subscribers declined, leaving the company with a glut of inventory. A series of product recalls over safety issues only added to the company’s image problem and led to lower sales and profits.
Achieving positive sustained free cash flow will make Peloton “a more attractive investment for debt holders,” the company said. Peloton said it’s revamping its approach to international markets to be more “targeted and efficient.” The company said it has no plans to “exit any of our existing international markets, we will leverage global strategies and capabilities where we can.”AI Is Helping Automate One of the World’s Most Gruesome JobsUPDATE 2-Peloton CEO McCarthy steps down, fitness equipment maker to cut 15% jobs
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